The BraveNewCoin Liquid Index provides a historic chart of Bitcoin price since its early days in 2010. One of the biggest Bitcoin rallies started in August 2015 and ended in December 2017 after Bitcoin saw a 10,000% price increase.
Throughout this two-year run, BTC experienced massive ups and downs. The first move was about 164% and happened in around 3 months pushing BTC price to a high of $501 before a massive 40% retrace towards $298.
The chart above clearly shows all the ups and downs and how most corrections were lower than 30%. Just 6 months before the all-time high on December 2017 at the time, at around $20,000, Bitcoin experienced three massive pullbacks.
The first in June 2017, a 40% retrace, the second in September which was another 40% drop, and finally a last 30% fall before the all-time high.
Currently, Bitcoin’s price is only down by 27% since its all-time high at $41,950, which means this correction should be viewed as a healthy pullback.
Bitcoin can still fall below $30,000 and remain in an uptrend
If we explore the weekly chart, this recent correction doesn’t look as bad here. The 12-EMA, which has provided a lot of support for the bulls on the way up is established at $26,000 which would be the first most significant pivotal point.
Establishing a higher low above the 12-EMA would be extremely healthy and the uptrend can quickly resume. As the lowest support level, we can find the 26-EMA at $20,000. Bulls would need to hold this point to remain confident in the uptrend, however, anything above $10,000 should still be considered a higher low and a potential continuation of the uptrend.